The impact of COVID-19 on Maryland’s economy and quality of life has been significant and will cause the state’s economic recovery to be fragile. That’s because, unlike many states, there are more small and mid-size businesses in Maryland, with roughly 90% of people working for companies with 500 or fewer employees. Big public companies are well capitalized and have access to capital markets, credit facilities and cash. The smaller companies that drive Maryland’s economy tend not to have these resources.
Further complicating the situation is the fact that key state industries – health care, hospitality, tourism, education, technology and services – are among the industries that have been hardest hit by the economic fallout caused by the pandemic. Take the health care sector for instance; not only are less people being seen, but they have also had to spend more money than usual as they will need extra protective gear like hospital privacy screens to help equip them in the fight against coronavirus. Compared to other states where large corporations make up the bulk of businesses and big tech firms, agriculture, oil and gas, mining and automotive industries often drive the economy, Maryland’s economy is more locally based. Even government contracting…Read More Here at the Baltimore Sun.